Big data in the healthcare & pharmaceutical market is estimated to witness a strong growth rate by 2030

Sukumari Shorey, Manager - Digital Marketing,
Radiant Insights

Global big data in the healthcare & pharmaceutical market is estimated to witness a strong growth rate during the forecast years (from 2017 to 2030). The term big data describes large data sets. Along with traditional data, big data integrates many new types of data and data management. Data volumes in the healthcare IT sector have increased tremendously as a result of rapid adoption of different wearable and m-health technologies in the healthcare industry. Current big data trends in healthcare offer benefits to caretakers as well as to patients, such as real-time patient monitoring.

•Healthcare Internet-of-Things (IoT)

The term IoT defines the ever-increasing number of smart, interconnected sensors and devices that share data across the Internet. These devices monitor patient vitals, right from blood glucose levels to heart functions and blood pressure. Data collected by these devices sometimes need follow-up visits to the clinic, but smart devices eliminate the need for any follow-up visits. The best example of this would be smart medicine dispensers. Smart dispensers can sense whether or not a patient is taking the prescribed medicines regularly and can also initiate a call to remind the patient.

•Predictive AnalysisElectronic Health Records (EHR) allows sharing of patient data between patients, insurance companies, and healthcare providers to reduce costs and enhance patient outcomes. Thus, with access to a huge amount of structured and unstructured patient information across various data sources, predictive analysis can help diagnose patient conditions and predict people at risk of disease or hospital readmission.

•Real-time Patient Monitoring

Real-time analysis of collected patient information helps recognize any changes in a patient’s health condition, which allows caregivers the ability to make quick medical decisions based on the analysis results.Growth of the big data in healthcare and pharmaceutical market can be attributed to the many advantages presented. Datawatch Corp.; Absolutdata Research and Analytics; Advanced Micro Devices, Inc. (AMD); American Society for Testing and Materials (ASTM); 1010data, Inc.; and The Apache Software Foundation (ASF) are some of the prominent companies operating in the global market.